Backed by the Financial Reporting Council’s (FRC) stated policy to increase competition across the FTSE 350 Audit market, aspiring “challenger audit firms” are desperate to capitalise on bigger things.
As the top 10(ish) audit firms focus their attentions on battling it out for a share of these big corporate accounts, we have heard a number of their former private business clients have been left feeling unimportant, under-serviced – or, in our terms, even alien. Any enterprise abandoning its roots, in search of a new galaxy, is taking big risks. Whilst the prize is a big one (the average Audit fee for FTSE 350 firms is nearly £3m), securing it will demand much sacrifice. Those sacrifices may be felt harshly by private businesses who remain in their orbit.
In contrast, Magma’s Audit and Assurance service (like our entire world) is dedicated to the needs of the owner managed business. It always will be. Several of our senior people are ex-Big 4 (many more Top 10), but those who wish to remain loyal to their roots, not to mention to continue what they enjoy – providing the best possible service to private businesses.
Get in touch
If this strikes a chord with you, please get in touch with our Audit and Assurance team on 01788 539000 or 0116 261 0061 or email [email protected].
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